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As part of its on-going commitment to helping members maintain and enhance audit quality and to improve the consistency of quality across the profession, the AICPA recently launched the Enhancing Audit Quality Initiative. Because of the critical nature of the initiative, the AICPA Peer Review Team will take immediate action on two facets of the initiative: identifying emerging industries and high priority audit areas and applying a combination of outreach, training, and robust peer reviews in these industries and areas.

The Peer Review Team has developed a list of potential “deep dive areas” or emerging industries and risk areas, derived through careful analysis of the following:

Suppose you are the owner of a convenience store. You purchase newspapers at a fair wholesale price from a man named Harry. Each morning Harry delivers a stack of newspapers to your shop by 6:30 a.m., prior to the morning rush.

At 6:00 a.m. one morning you are walking in your neighborhood and see Harry taking a stack of newspapers from a corner. Harry places the papers in his backpack and continues on his way.

Soon after, Harry arrives at your shop to make his usual delivery. Should you continue your business with him now that you have observed him taking those newspapers?

In 2008, the AICPA Professional Ethics Executive Committee and the AICPA Professional Ethics Division undertook a project to update the AICPA Code of Professional Conduct. The new code has been launched this week. Help us spread the news by sharing this infographic!

Caffeine, check. Office supplies, check. Patience for lost or late documents, check. What else do you need for tax season besides, of course, sympathetic family and friends? Knowledge and technical resources help, as does convenience in finding them – so keep these resources from the AICPA bookmarked to help you prepare returns, manage your office, advise and communicate with clients, and even keep a sense of humor.